ABSTRACT
This chapter explores the decision to centralize a national audit team, introduces modern audit practices, establishes an integrated auditing regime, rebuilds capacity and capability, and embraces the competitive neutrality challenges of the business. It also tackles the challenges of a complacent auditing culture, poor performance, and communication shortcomings, coupled with the expanding expectations of business leaders. Reshaping the future business landscape does not just happen by chance, it needs someone to determine and lead the change agenda. Internal and external stakeholders had expressed the need for a more effective internal auditing approach. The bankers identified the initial changes which were focused on building team capability, establishing a risk-based auditing methodology, developing a cost-effective program of audits, boosting the use of technology, and establishing robust stakeholder relationships. Internal audit team leaders have a crucial quality assurance role that helps to ensure that auditors have maintained objectivity throughout audit engagements.
